MoMo Payment Service Bank (PSB) is going through a dynamic leadership restructuring as its CEO, Eli Hini, and Chief Commercial Officer, Elsa Muzzolini, have left the FinTech.
Earlier on July 12, 2024, Muzzolini informed employees of the MTN-owned FinTech about her resignation in a note. She became the CEO of M-PESA Ethiopia, Safaricom’s mobile money startup on July 15. Muzzolini has updated her LinkedIn profile to the new role, solidifying the move.
However, it is still unclear if Eli Hini has taken another role in a different organization.
To temporarily lead, the company declared Phrase Lubega, MoMo PSB’s group executive for FinTech commercial operations, as the acting CEO. However, according to sources, his appointment banks on CBN’s approval.
In 2022, Hini and Muzzolini joined MTN’s MoMo PSB to lead its growth strategies in Nigeria, which they executed efficiently.
The timing of their exit places the telecom giant in a chaotic mode as they ramp up investments in its FinTech unit, aiming to increase its share of wallets and app adoption. This was when MTN recorded its biggest losses in its telecom business due to rapid currency devaluation in its major markets.
Their impact shows 55.8% growth in mobile money wallets to 5.5 million in H1 2024 from 3.1 million in H1 2023. MoMo PSB revenue also grew by 11%, which was driven by an increase in the MoMo app and wallet adoption. Also, its mobile money customers grew by 14.9% to 39.5 million in the same time frame.
In recent deals and acquisitions, MTN Nigeria bought off Acxani Capital Limited’s minority stake in MoMo PSB for ₦6.95 billion, giving the telecom giant full control of the FinTech. This allows MTN Nigeria to invest more in the FinTech to strengthen its operations while positioning it for growth.
As part of the deal, MoMo PSB received ₦9.4 billion from MTN Nigeria as additional investments.